A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
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Sunday, April 10, 2011

Albemarle House, Now Owned By Bank of America, Re-Listed For $16 Million, an $84 Million "Discount"

Now the question is, Who will buy this house, other than Donald Trump? In addition to Kluge Estate Winery, Trump managed to buy 200+acres that come within 100 feet of the mansion's front door. Will it be a long-term negotiation? His rep stated that B of A has an unrealistic expectation for the purchase price of Albemarle House. Trump has right of first refusal. With Trump's unknown plans for the winery, the privacy of the grand estate is in question for other buyers. There are plenty of estates listed for sale in Albemarle County whose neighbors, and their intentions, are known.

MLS #487355

And really, saying that the estate is at an $84 M "discount" doesn't mean anything. The original asking price of $100M reflected Kluge's and Moses' need: to settle their Albemarle House debt, to rescue the failing winery business, to address the steep loans from Farm Credit and SonaBank, and to leave them with some extra $ to maintain somewhat the lifestyle to which they'd become accustomed.

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.